USD/TRY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair is posing for a significant depreciation. It is the main presumption behind the Double Top patterns - pair fails to consolidate at the new (recent peak is the all time high already) and gradually returns to the pervious trading levels. Current bounce should be seen only as a mild bullish correction due to the cluster of significant technical levels at 2.0209/117. It is worth pointing out that Fibonacci retracements (9th to 28th of August move) have significant impact on the pair development. 38.2% almost coincides with the pattern's support and 23.6% retracement is currently tested level which caused some turbulence after the formation of the first top.
© Dukascopy Bank SA
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Tue, 10 Sep 2013 13:56:36 GMT

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Tue, 10 Sep 2013 07:18:51 GMT

USD/TRY 1H Chart: Double Top

A sharp appreciation of the pair has been observable since USD/TRY successfully attempted to surpass the 200-hour SMA on August 13; the pair skyrocketed from 1.9292, the level close to which the currency couple commenced to form a pattern on August 9, to the peak of 2.0841, at least a five-year high. However, the pair lost its spree after soaring

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